ASU’s Jay Butler on Arizona housing market

Dr. Butler gave a brief talk to the Carefree/Cave Creek Realtor’s tour on October 20.

Here’s some notes.

Usually about 1.7% of the single family homes in the Greater Phoenix are for sale. Today, it’s 1.8%, not far above normal.

33,000 to 35,000 listings would be normal now.
$235,000 to $240,000 might be the bottom median price in Greater Phoenix. Now it’s $256,900.

Biggest competition to resale home market is the new home builders.

This current market IS sustainable.

He didn’t mention it but his October press release said the peak median price was in June 2006, not that long ago, at $267,000. His bottom guesstimate of $235,000 to $240,000 would be 12.0% to 10.2% off the peak price, which is not unrealistic.